Leveraging our five years of experience operating a successful prize-based tax time savings campaign, Commonwealth has partnered with EARN to co-design an incentive program for their online savings community, SaverLife. The incentive program – Savers Win – offers tax filers to wintax filers the chance to win a prize when they pledge to save a portion of their refund, and do so in a linked bank account on the SaverLife platform.
Savers Win entrants have the chance at fifty $100 prize drawings, as well as a $5,000 grand prize story contest. As Commonwealth’s previous work has shown, the chance to winto win a prize has proven to be an effective motivator to encourage savings. In co-designing Savers Win, Commonwealth consulted on various aspects including the entry process and prize pool, the drafting of official rules, and supporting the branding and marketing development.
SaverLife, created by the non-profit EARN, motivates working Americans to build a life-long habit of saving and increase economic stability by combining: 1) an online, goal-based savings program; 2) digital financial coaching; and 3) a community of resources and information.